Indian rupee weakened against the US dollar in early trade on Thursday due to sustained demand for the American currency from importers and banks. Rupee fell further tracking fall in the Asian currency markets. Most emerging Asian currencies edged down on the dollar's broad strength as recent solid US economic data supported expectations the Federal Reserve may raise interest rates later this year. However, a higher opening in the domestic equity market capped the losses. On the global front, the dollar hit a six-week high against the safe-haven yen on Thursday as investor risk appetite remained strong, boosting equities and pushing US debt yields higher to favor the greenback.
The partially convertible currency is currently trading at 67.23, weaker by 5 paise from its previous close of 67.18 on Wednesday. The currency touched a high and low of 67.27 and 67.15 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 67.17 and for Euro stood at 73.99 on July 20, 2016. While the RBI’s reference rate for the Yen stood at 63.23, the reference rate for the Great Britain Pound (GBP) stood at 88.04. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
| Date | 1US$ | 1GBP |
| July 20, 2016 | 67.1720 | 88.0423 |
| July 19, 2016 | 67.1462 | 88.7203 |
